UBS Gr Stock (NYSE:UBS), Trade Ideas

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The core of UBS is its global wealth management business focusing on high and ultra-high-net-worth individuals. UBS is also a conventional retail and commercial bank in its Swiss home market. Its investment bank and asset management businesses support its wealth management operations, but also leverage its strength in wealth management to serve third-party clients.

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UBS Group AG plans to open a Menlo Park office, hiring Barclays&#39; Sean Lynch for tech advisory amid Silicon Valley expansion, coinciding with industry&#39;s dealmaking resurgence.

UBS Group Eyeing West? Plans New Office In Menlo Park, Hires Barclay&#39;s Lynch, Silicon Valley Expansion In Sight: Report

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Deutsche Bank reportedly streamlines Asia private banking workforce, cutting ten roles amidst broader restructuring, reflecting industry challenges.

Deutsche Bank&#39;s Asia Private Banking Workforce Slashed Amid Restructuring Efforts: Report

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Morgan Stanley to cut 50 jobs in Asia-Pacific amid revenue decline. The reductions, affecting 13% of regional bankers, primarily target Hong Kong and China. Find out more about the impact on the region&#39;s financial landscape.

Morgan Stanley To Slash Jobs In Asia-Pacific Region: Report

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Citigroup analyst Andrew Coombs downgrades UBS Gr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBS#NYSE">UBS</a>) from Buy to Neutral.

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Citigroup Downgrades UBS Gr to Neutral

UBS Group AG&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBS#NYSE">UBS</a>) reportedly aims to establish an office in Menlo Park, California&nbsp;and&nbsp;has recruited Sean Lynch from&nbsp;Barclays Plc&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BCS#NYSE">BCS</a>) to enhance its&nbsp;<a target="_blank" href="https://www.benzinga.com/m-a/24/04/38170014/ubs-navigates-complex-regulatory-terrain-in-bid-for-full-control-of-china-platform" rel="noreferrer noopener">services in advising technology firms</a>.
The&nbsp;timing coincides with expectations of a resurgence in dealmaking and initial public offerings, Bloomberg&nbsp;<a target="_blank" href="https://www.bloomberg.com/news/articles/2024-04-22/ubs-hires-barclays-banker-lynch-for-technology-dealmaking?srnd=technology-vp&amp;sref=TBDibEcD" rel="noreferrer noopener">reported</a>.
The Swiss bank&nbsp;is set&nbsp;to open its premises on Sand Hill Road, a renowned hub for venture capital firms, in the upcoming months, the report read, citing people familiar with the matter. Certain staff members currently based in UBS&#8217;s San Francisco offices will be relocated to the new location.
Amid its expansion efforts, UBS has brought Barclays&#8217; Lynch on board,&nbsp;specializing in&nbsp;companies such as&nbsp;Uber Technologies,&nbsp;Inc&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>) and&nbsp;Tesla, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>).
Lynch, based in Menlo Park, has been with Barclays since 2013, according to Finra records, Bloomberg added.&nbsp;
Previously, he focused on leveraged finance and&nbsp;played a role in advising&nbsp;on the issuance of approximately $1.7 billion in convertible notes for Uber last year.
As the industry anticipates a rebound in deals after a prolonged slump, banks are gearing up, with many having trimmed thousands of jobs during the downturn.&nbsp;
Competitors like&nbsp;Morgan Stanley&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>) have leveraged a presence in Silicon Valley to attract tech companies, while&nbsp;JP Morgan Chase &amp; Co&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) has established a campus in Palo Alto, Bloomberg added.
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, UBSstock has gained over 36% in the past year. Investors can gain exposure to the stock via&nbsp;Avantis International Equity ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AVDE#NYSE">AVDE</a>) and&nbsp;American Century ETF Trust Avantis Responsible International Equity ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AVSD#NYSE">AVSD</a>).
Price Action:&nbsp;UBS shares closed lower by 0.32% to $27.97 on Monday.&nbsp;
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock

UBS Group Eyeing West? Plans New Office In Menlo Park, Hires Barclay's Lynch, Silicon Valley Expansion In Sight: Report

Deutsche Bank AG&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DB#NYSE">DB</a>) has reportedly reduced its private banking workforce in Asia by ten roles in the past week, part of ongoing cuts to focus on lucrative&nbsp;<a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/02/36964803/is-the-worst-over-for-the-u-s-economy-deutsche-bank-says-yes" rel="noreferrer noopener">markets and address underperformance</a>.
Around 60 positions were eliminated at Deutsche Bank in Singapore and Hong Kong over the past&nbsp;year,&nbsp;as part of the German bank&#8217;s restructuring efforts, Bloomberg&nbsp;<a target="_blank" href="https://www.bloomberg.com/news/articles/2024-04-19/deutsche-bank-has-cut-dozens-in-asia-private-banking-overhaul?sref=TBDibEcD" rel="noreferrer noopener">reported</a>.
The impacted individuals include relationship managers recruited from Credit Suisse for Greater China last year, along with&nbsp;employees in product and support functions, the report read, citing people familiar with the matter.
Following years of rapid expansion, a slowdown in China&#8217;s economy has&nbsp;led to&nbsp;decreased revenues for numerous wealth management firms in the area.&nbsp;
UBS Group AG&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBS#NYSE">UBS</a>) recently reduced approximately 70 positions, primarily in Hong Kong and Singapore.
As of 2022, Deutsche Bank had a relationship manager headcount of 241 in Asia, as reported by the ranking of Asian private bankers, Bloomberg said.
At Deutsche Bank, numerous private bankers have been dismissed either due to performance issues or to facilitate the creation of new positions in other markets, including the Middle East, Bloomberg added.
Read Next:<a target="_blank" href="https://www.benzinga.com/markets/equities/24/04/38331941/palantir-technologies-pitches-agencies-for-inventory-and-supply-chain-management-use-cases-whats" rel="noreferrer noopener">&nbsp;</a><a target="_blank" href="https://www.benzinga.com/markets/equities/24/04/38331941/palantir-technologies-pitches-agencies-for-inventory-and-supply-chain-management-use-cases-whats" rel="noreferrer noopener">Palantir Technologies Pitches Agencies For Inventory And Supply Chain Management Use Cases &#8211; What&#8217;s Going On?</a>
Price Action:&nbsp;DB shares are trading higher by 0.38% to $15.86&nbsp;on&nbsp;the last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo by 1take1shot on Shutterstock

Deutsche Bank's Asia Private Banking Workforce Slashed Amid Restructuring Efforts: Report

This whale alert can help traders discover the next big trading opportunities.
Whales are entities with large sums of money and we track their transactions here at Benzinga on our options activity scanner.
Traders often look for circumstances when the market estimation of an option diverges away from its normal worth. Abnormal amounts of trading activity could push option prices to hyperbolic or underperforming levels. 
Here's the list of options activity happening in today's session: 
<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>GS</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>04/19/24</td>
<td>$370.00</td>
<td>$107.1K</td>
<td>1.8K</td>
<td>1.8K</td>
</tr>
<tr>
<td>NU</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>05/17/24</td>
<td>$10.00</td>
<td>$46.9K</td>
<td>2.6K</td>
<td>1.8K</td>
</tr>
<tr>
<td>IBKR</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>05/17/24</td>
<td>$105.00</td>
<td>$60.0K</td>
<td>117</td>
<td>829</td>
</tr>
<tr>
<td>GL</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>05/17/24</td>
<td>$65.00</td>
<td>$27.2K</td>
<td>1.1K</td>
<td>591</td>
</tr>
<tr>
<td>COIN</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>06/20/25</td>
<td>$210.00</td>
<td>$25.3K</td>
<td>369</td>
<td>433</td>
</tr>
<tr>
<td>C</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>06/21/24</td>
<td>$55.00</td>
<td>$27.3K</td>
<td>27.3K</td>
<td>418</td>
</tr>
<tr>
<td>AXP</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>06/21/24</td>
<td>$220.00</td>
<td>$27.1K</td>
<td>1.0K</td>
<td>270</td>
</tr>
<tr>
<td>UBS</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>01/17/25</td>
<td>$25.00</td>
<td>$26.2K</td>
<td>1.5K</td>
<td>245</td>
</tr>
<tr>
<td>SQ</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>05/17/24</td>
<td>$85.00</td>
<td>$75.7K</td>
<td>10.9K</td>
<td>124</td>
</tr>
<tr>
<td>WAL</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>01/17/25</td>
<td>$60.00</td>
<td>$38.6K</td>
<td>228</td>
<td>89</td>
</tr>
</tbody>
</table>

<h2>Explanation</h2>
These bullet-by-bullet explanations have been constructed using the accompanying table. 
• For GS (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>), we notice a call option sweep that happens to be bullish, expiring in 1 day(s) on April 19, 2024. This event was a transfer of 32 contract(s) at a $370.00 strike. This particular call needed to be split into 18 different trades to become filled. The total cost received by the writing party (or parties) was $107.1K, with a price of $3350.0 per contract. There were 1828 open contracts at this strike prior to today, and today 1835 contract(s) were bought and sold. 
• For NU (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NU#NYSE">NU</a>), we notice a put option sweep that happens to be bullish, expiring in 29 day(s) on May 17, 2024. This event was a transfer of 1807 contract(s) at a $10.00 strike. This particular put needed to be split into 18 different trades to become filled. The total cost received by the writing party (or parties) was $46.9K, with a price of $26.0 per contract. There were 2649 open contracts at this strike prior to today, and today 1820 contract(s) were bought and sold. 
• Regarding IBKR (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBKR#NASDAQ">IBKR</a>), we observe a put option sweep with bearish sentiment. It expires in 29 day(s) on May 17, 2024. Parties traded 500 contract(s) at a $105.00 strike. This particular put needed to be split into 7 different trades to become filled. The total cost received by the writing party (or parties) was $60.0K, with a price of $120.0 per contract. There were 117 open contracts at this strike prior to today, and today 829 contract(s) were bought and sold. 
• For GL (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GL#NYSE">GL</a>), we notice a call option trade that happens to be bullish, expiring in 29 day(s) on May 17, 2024. This event was a transfer of 47 contract(s) at a $65.00 strike. The total cost received by the writing party (or parties) was $27.2K, with a price of $580.0 per contract. There were 1184 open contracts at this strike prior to today, and today 591 contract(s) were bought and sold. 
• For COIN (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>), we notice a call option trade that happens to be bullish, expiring in 428 day(s) on June 20, 2025. This event was a transfer of 3 contract(s) at a $210.00 strike. The total cost received by the writing party (or parties) was $25.3K, with a price of $8450.0 per contract. There were 369 open contracts at this strike prior to today, and today 433 contract(s) were bought and sold. 
• Regarding C (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>), we observe a put option sweep with bullish sentiment. It expires in 64 day(s) on June 21, 2024. Parties traded 242 contract(s) at a $55.00 strike. This particular put needed to be split into 4 different trades to become filled. The total cost received by the writing party (or parties) was $27.3K, with a price of $113.0 per contract. There were 27356 open contracts at this strike prior to today, and today 418 contract(s) were bought and sold. 
• For AXP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AXP#NYSE">AXP</a>), we notice a call option sweep that happens to be bullish, expiring in 64 day(s) on June 21, 2024. This event was a transfer of 25 contract(s) at a $220.00 strike. This particular call needed to be split into 4 different trades to become filled. The total cost received by the writing party (or parties) was $27.1K, with a price of $1085.0 per contract. There were 1025 open contracts at this strike prior to today, and today 270 contract(s) were bought and sold. 
• Regarding UBS (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBS#NYSE">UBS</a>), we observe a put option sweep with bullish sentiment. It expires in 274 day(s) on January 17, 2025. Parties traded 200 contract(s) at a $25.00 strike. This particular put needed to be split into 14 different trades to become filled. The total cost received by the writing party (or parties) was $26.2K, with a price of $131.0 per contract. There were 1514 open contracts at this strike prior to today, and today 245 contract(s) were bought and sold. 
• Regarding SQ (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SQ#NYSE">SQ</a>), we observe a call option sweep with bearish sentiment. It expires in 29 day(s) on May 17, 2024. Parties traded 473 contract(s) at a $85.00 strike. This particular call needed to be split into 33 different trades to become filled. The total cost received by the writing party (or parties) was $75.7K, with a price of $160.0 per contract. There were 10994 open contracts at this strike prior to today, and today 124 contract(s) were bought and sold. 
• For WAL (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WAL#NYSE">WAL</a>), we notice a call option trade that happens to be bearish, expiring in 274 day(s) on January 17, 2025. This event was a transfer of 49 contract(s) at a $60.00 strike. The total cost received by the writing party (or parties) was $38.6K, with a price of $788.0 per contract. There were 228 open contracts at this strike prior to today, and today 89 contract(s) were bought and sold. 
Options Alert Terminology 
 - Call Contracts: The right to buy shares as indicated in the contract. 
 - Put Contracts: The right to sell shares as indicated in the contract. 
 - Expiration Date: When the contract expires. One must act on the contract by this date if one wants to use it. 
 - Premium/Option Price: The price of the contract. 
For more information, visit our <a href="https://pro.benzinga.com/blog/how-to-understand-option-alerts/">Guide to Understanding Options Alerts</a> or read <a href="https://www.benzinga.com/markets/options">more news on unusual options activity</a>. 
This article was generated by Benzinga's automated content engine and reviewed by an editor.

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IBKR

10 Financials Stocks Whale Activity In Today's Session

Rumors

Trading Ideas

Watching UBS; Hearing Co Said To Plan More Than 100 Job Cuts In Investment Bank

Morgan Stanley&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>) reportedly plans to initiate workforce reductions in the Asia-Pacific region and intends to cut approximately 50 jobs, primarily in Hong Kong and China.
These reductions represent about 13% of the region&#8217;s bankers, excluding Japan.
Over 40 individuals in Hong Kong and mainland China are expected to be affected by the layoffs and the final scale and timing of these cuts may vary, according to a report from&nbsp;<a target="_blank" href="https://www.bloomberg.com/news/articles/2024-04-17/morgan-stanley-plans-biggest-round-of-china-job-cuts-in-years?srnd=homepage-americas&amp;sref=TBDibEcD" rel="noreferrer noopener">Bloomberg</a>.
The report further noted that the decision comes amid declining revenues in Asia, particularly in China, where the economy faces challenges such as a real estate crisis and growth uncertainties.
Despite global results surpassing forecasts, Morgan Stanley witnessed a 12% drop in net revenue from Asia in the first quarter, amounting to $1.74 billion. The company reported earnings of $3.4 billion on&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/04/38272690/why-morgan-stanley-shares-are-surging-today" rel="noreferrer noopener">$15.1 billion in revenue.</a>
The job cuts align with broader industry trends as financial firms seek to trim expenses amid a deal slowdown.
The move also reflects deteriorating U.S.-China relations and a subdued environment for Chinese firms&#8217; stock sales.
As per the report, other financial institutions like&nbsp;HSBC Holdings Plc&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HSBC#NYSE">HSBC</a>),&nbsp;UBS Group AG&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBS#NYSE">UBS</a>), and&nbsp;Bank of America Corp&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>) have also implemented job reductions in&nbsp;<a target="_blank" href="https://www.benzinga.com//node/38276095" rel="noreferrer noopener">Asia earlier this year.</a>
Price Action: MS shares closed higher by 2.47% at $89.14 on Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo by Sven Piper on Unsplash

HSBC Holdings, Plc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HSBC#NYSE">HSBC</a>) shares are <a href="https://www.benzinga.com/movers" target="_blank" rel="noreferrer noopener">sliding on Tuesday.</a>
Amid a decline in dealmaking across the region, the company has reportedly initiated a fresh wave of job cuts at its Asia investment bank, Bloomberg&nbsp;<a target="_blank" href="https://www.bloomberg.com/news/articles/2024-04-16/hsbc-cuts-a-dozen-investment-bankers-in-asia-on-deals-slump?sref=TBDibEcD" rel="noreferrer noopener">reported</a>.
On Tuesday, the London-headquartered lender reduced its workforce by approximately a dozen bankers within its investment banking division in Asia, the report read.
HSBC follows global counterparts like&nbsp;UBS Group AG&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBS#NYSE">UBS</a>),&nbsp;Goldman Sachs Group, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>), and&nbsp;Citigroup, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>) in implementing multiple rounds of job cuts in Asia amid declining stock sales and mergers.
In HSBC&#8217;s core markets of Hong Kong and China, dealflow is notably slow, reflecting challenges in the world&#8217;s second-largest economy as it grapples with post-pandemic uncertainties.
Earlier this month, HSBC&#8217;s head of global banking and markets, Greg Guyett, remarked that Hong Kong&#8217;s IPO market may not see recovery until the second half of the year, despite signs of investment flows rebounding in China.&nbsp;
Guyett also indicated that HSBC&#8217;s overall headcount for global banking and markets is likely to &#8220;continue to trend down&#8221; as the firm prioritizes leveraging technology to streamline operations.
HSBC has expanded its investment bank in Asia through regional hires in recent years, with job cuts relatively less severe compared to other Wall Street institutions, the report read.&nbsp;
The U.K. lender previously dismissed at least four Hong Kong-based bankers last year and trimmed its debt team in Hong Kong the year before.&nbsp;
Additionally, Guyett expressed interest in recruiting senior bankers with strong client relationships in other Asian hubs like Singapore and Mumbai, Bloomberg added.
Read Next:&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/04/38270560/joby-aviation-may-launch-flying-taxis-by-2025-whats-going-on" rel="noreferrer noopener">Joby Aviation May Launch Flying Taxis By 2025 &#8211; What&#8217;s Going On?</a>
Price Action: HSBC shares are trading lower by 2.28% to $39.65 on the last check Tuesday.
Image: Shutterstock/ sylv1rob1

Why HSBC Holdings Shares Are Falling Today

Editor&#8217;s Note: The story has been updated to correct Citadel CEO name
UBS Group AG (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBS#NYSE">UBS</a>) is reportedly in discussions to attain full ownership of its China platform through a strategic swap involving its stake in Credit Suisse&#8217;s <a href="https://www.benzinga.com/markets/equities/24/04/38137174/credit-suisse-japan-wealth-unit-absorbed-by-ubs-sumi-venture-post-takeover" target="_blank" rel="noreferrer noopener">onshore securities venture</a>. 
The Zurich-based lender is reportedly eyeing the 33% stake held by Beijing State-Owned&nbsp;Assets Management Co. in their joint venture UBS Securities Co., in exchange for selling part or all of its 51% stake in Credit Suisse Securities (China) to a Beijing government investment fund.
This development adds a new dimension to the ongoing bidding war for Credit Suisse&#8217;s investment bank in China. Notable players such as Ant Group Co., backed by Chinese billionaire Jack Ma, and Citadel Securities LLC, founded by Ken Griffin, and led by CEO Peng Chao, <a href="https://www.benzinga.com/m-a/24/02/37306176/jack-mas-ant-group-beats-citadel-in-bid-for-credit-suisses-china-unit-report" target="_blank" rel="noreferrer noopener">are actively participating</a>. 
Selling the Credit Suisse venture to the Beijing government could deter formidable contenders like Citadel, renowned for its expertise in market-making and trading execution.
Chinese regulations prohibit a foreign shareholder from concurrently holding majority stakes in two domestic brokerages, the Bloomberg&nbsp;<a target="_blank" href="https://www.bloomberg.com/news/articles/2024-04-09/ubs-mulls-credit-suisse-china-stake-swap-with-beijing-government?srnd=homepage-asia&amp;sref=TBDibEcD" rel="noreferrer noopener">report</a>&nbsp;added.&nbsp;
UBS has been seeking to increase its ownership to 100%, but the Beijing government has hesitated, considering the onshore business&#8217;s promising growth and earnings prospects.
UBS is pursuing a dual-track process, negotiating with its state-owned shareholder for share swaps and engaging in advanced discussions to sell Credit Suisse Securities to Citadel Securities.&nbsp;
However, both potential deals face regulatory challenges, primarily concerning the Chinese government&#8217;s preference regarding ownership of foreign-owned brokerages.
UBS has been aiming to sell the entire Credit Suisse China unit for approximately 2 billion yuan, which includes the stake owned by its local partner.&nbsp;
Citadel Securities&nbsp;made a bid in late December ranging from 1.5 billion yuan to 2 billion yuan, lower than a competing offer from Ant Group.&nbsp;
Credit Suisse previously agreed to purchase the remaining 49% stake from its Chinese partner for 1.14 billion yuan, valuing the firm at around 2.3 billion yuan, but this deal fell through after UBS took over.
Price Action:&nbsp;UBS shares are down 1.27% at $30.76 on the last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock

UBS Navigates Complex Regulatory Terrain in Bid for Full Control of China Platform (Updated)

WIIM

ALLY

BBVA

BENF

FITB

NYCB

RAND

UPST

Shares of several companies in the broader financial sector are trading lower amid overall market weakness following hotter-than-expected March inflation data.

The Japanese wealth management joint venture of UBS Group AG (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBS#NYSE">UBS</a>) and SuMi TRUST Wealth Management Co is set to acquire the wealth management business of Credit Suisse in Japan.
What Happened: This acquisition comes after UBS&#8217;s takeover of its Swiss competitor in 2023. The agreement will transfer all of Credit Suisse&#8217;s advisors and the wealth management assets they manage in Japan to UBS SuMi. Reuters reported that the merger between UBS and Credit Suisse is expected to be finalized by the end of June.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38104437/bitcoin-ethereum-dogecoin-surge-despite-hawkish-remarks-from-fed-president-analysts-predic?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum, Dogecoin Surge Despite Hawkish Remarks From Fed President—Analysts Predict King Could Now Go Vertical With Several Critical Indicators In Alignment</a>
Following the acquisition, the partners will adjust their investments in the joint venture to maintain the original ownership structure of UBS 51% and SuMi TRUST Holdings 49%, as stated by UBS.
Why It Matters: This acquisition is a significant step in UBS&#8217;s ongoing integration of Credit Suisse. UBS has been proactive in enhancing investor returns during this process, as evidenced by its announcement of a <a href="https://www.benzinga.com/markets/equities/24/04/38039230/ubs-to-launch-new-2b-buyback-plan-amid-credit-suisse-takeover">new share buyback program</a> worth up to $2 billion, which is set to commence in 2024. This followed a previous share buyback of up to $1 billion, announced in February 2024, after a better-than-expected fourth-quarter performance.
The acquisition of Credit Suisse&#8217;s Japan unit by UBS SuMi also comes after Ant Group Co&nbsp;reportedly outbid&nbsp;Citadel Securities LLC&nbsp;for the acquisition of <a href="https://www.benzinga.com/m-a/24/02/37306176/jack-mas-ant-group-beats-citadel-in-bid-for-credit-suisse-china-unit-report">Credit Suisse&#8217;s China unit</a>. This followed a $3 million <a href="https://www.benzinga.com/news/23/12/36406860/credit-suisse-slapped-with-3m-fine-by-singapore-in-effort-to-curb-financial-malpractices">penalty imposed on Credit Suisse</a> by the Monetary Authority of Singapore in December 2023 to curb financial malpractices.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/04/38120543/cathie-woods-ark-invest-doubles-down-on-tesla-despite-3-6-plunge-amid-model-2-rumors-adds-22m-wo?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Cathie Wood&#8217;s Ark Invest Doubles Down On Tesla Despite 3.6% Plunge Amid Model 2 Rumors, Adds $22M Worth Of Shares</a>
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Global

Credit Suisse Japan Wealth Unit To Be Absorbed By UBS-SuMi Venture Post Takeover

Investment giant BlackRock Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>) has broadened the network of Authorized Participants (APs) for IBIT (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBIT#NASDAQ">IBIT</a>), its spot <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38088073/bitcoin-spot-etfs-notch-113m-net-inflows-on-wednesday-grayscale-outflows-continue">Bitcoin exchange-traded fund</a>. 
What Happened: Launched on Jan. 11, 2024, IBIT offers investors an avenue to gain Bitcoin exposure indirectly, enhancing the accessibility of digital asset investments.
The firm&#8217;s latest prospectus reveals the addition of five esteemed financial entities to its roster of APs, elevating the total to nine. 
The newly included Authorized Participants are ABN AMRO Clearing USA LLC, Citadel Securities LLC, Citigroup Global Markets, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>), Goldman Sachs &amp; Co. LLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>), and UBS Securities LLC. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBS#NYSE">UBS</a>), according to an <a href="https://www.sec.gov/Archives/edgar/data/1980994/000143774924011116/bit20240314_posam.htm">amendment</a> to its registration form.
This expansion is anticipated to bolster IBIT&#8217;s liquidity and investor reach significantly.
Authorized Participants are integral to the ETF ecosystem, ensuring the seamless creation and redemption of fund shares by managing cash transactions with the Trust Administrator. 
The initial list of APs comprised Jane Street Capital, LLC, JP Morgan Securities LLC, Macquarie Capital (USA) Inc., and <a href="https://editorial.benzinga.com/wp-admin/post.php?post=279638&amp;action=edit">Virtu Americas LLC</a>, with the prospectus noting the potential for further additions at BlackRock&#8217;s discretion.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/events/digital-assets/ "><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/29155259/905735A6-57D3-4874-9AA1-75D037842DB3-2.gif" alt="Benzinga Future of Digital Assets conference" class="wp-image-270548" /></a></figure>
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38098228/bitcoin-options-data-signals-potential-rebound-ahead-of-us-unemployment-data">Bitcoin Options Data Signals Potential Rebound Ahead Of US Unemployment Data</a>
This strategic enlargement highlights the escalating integration of Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) into mainstream finance, underscored by the engagement of heavyweight institutions like Goldman Sachs and Citigroup with the IBIT fund. 
Such movements reflect a broader trend towards embracing digital assets within regulated investment frameworks.
Both IBIT and Fidelity's Wise Origin Bitcoin Fund (BATS:<a class="ticker" href="https://www.benzinga.com/stock/FBTC#BATS">FBTC</a>) have demonstrated exceptional performance since their inception, outpacing 3,122 other funds with a record 49 consecutive days of net inflows, an achievement matched by only a select few ETFs historically. 
This investor enthusiasm persists despite the volatile nature of Bitcoin&#8217;s price, with IBIT capturing more than half of BlackRock&#8217;s net flows for the year, significantly outperforming its portfolio of 420 ETFs. 
Similarly, FBTC has become a cornerstone for Fidelity, constituting 70% of its total inflows and attracting five times the investment volume of its other ETF offerings.
The remarkable success of these Bitcoin ETFs not only signifies the asset class&#8217;s growing acceptance but also underscores the market&#8217;s appetite for regulated digital asset investment options. 
What&#8217;s Next: This evolving landscape is expected to feature prominently in discussions at Benzinga&#8217;s upcoming <a href="https://www.benzinga.com/events/digital-assets/agenda/">Future of Digital Assets conference </a>on Nov. 19, where the proliferation of Bitcoin ETFs and their implications for investor strategy and market dynamics will take center stage.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38095732/bitcoin-in-the-danger-zone-says-trader-who-targets-22-drawdown">Bitcoin In &#8216;The Danger Zone,&#8217; Says Trader Who Targets 22% Drawdown</a>
Image: Shutterstock

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

$BTC

Fidelity Wise Origin Bitcoin Fund Fidelity Wise Origin Bitcoin Fund

FBTC

IBIT

BlackRock Adds Goldman Sachs Among New APs For Spot Bitcoin ETF

UBS CEO Ermotti Says Phase One At The Bank Has Been Accomplished, Stabilizing Clients, Employees; There Will Be A Huge I.T., Data Migration Exercise

UBS Group AG (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBS#NYSE">UBS</a>) has announced a new share buyback program worth up to $2 billion, set to commence in 2024. This move is intended to enhance investor returns as the bank pursues the completion of its acquisition of Credit Suisse.
What Happened: UBS, based in Zurich, is initiating a new buyback program that will run for two years, starting on Apr. 3, Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-04-02/ubs-boosts-investor-returns-with-2-billion-2024-buyback-plan">reported</a>. The bank aims to surpass its pre-acquisition buyback levels by 2026.
UBS is currently in the process of acquiring Credit Suisse, a move that the market has closely followed. The bank&#8217;s new buyback plan is seen as a strategic move to reassure investors and provide them with a clearer picture of future returns amid this significant business development.
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/38002664/bitcoins-historic-market-cycle-nearing-end-with-the-halving-event-expert-says-crypt?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin&#8217;s Historic Market Cycle Nearing End With The Halving Event? Expert Says Crypto Market To Undergo Major Changes</a>
Why It Matters: The decision to initiate a new buyback program comes on the heels of UBS&#8217;s strong performance and strategic moves in the market. Earlier in February, UBS <a href="https://www.benzinga.com/news/earnings/24/02/36948094/ubs-beats-q4-earnings-estimates-announces-1b-share-buyback-amid-credit-suisse-integration">announced a $1 billion share buyback</a> following a better-than-expected fourth-quarter performance despite challenges related to the integration of Credit Suisse. This new $2 billion buyback plan further underscores UBS&#8217;s confidence in its financial position and commitment to delivering value to shareholders.
The acquisition of Credit Suisse&#8217;s investment bank venture in China by Jack Ma&#8216;s Ant Group in February also <a href="https://www.benzinga.com/m-a/24/02/37306176/jack-mas-ant-group-beats-citadel-in-bid-for-credit-suisses-china-unit-report">sparked significant interest</a> in UBS&#8217;s future plans. The new buyback program could be viewed as a strategic move to solidify UBS&#8217;s market position further and maintain investor confidence amid these major industry developments.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/38001796/nvidia-amazon-and-microsofts-recent-activity-indicate-impending-ai-bubble-when-the-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Nvidia, Amazon And Microsoft&#8217;s Recent Activity Indicate Impending AI Bubble: &#8216;When The Music Stops There &nbsp;Will Not Be Many Chairs Available&#8217;</a>
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Buybacks

UBS To Launch New $2B Buyback Plan Amid Credit Suisse Takeover

UBS Group AG&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBS#NYSE">UBS</a>) inked a deal with&nbsp;Apollo Global Management Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APO#NYSE">APO</a>), under which ATLAS SP has concluded its Transition Services Agreement with the Swiss&nbsp;<a target="_blank" href="https://www.ubs.com/global/en/investor-relations/press-releases/overview-news-display-ndp/en-20240327-apollo.html?caasID=CAAS-ActivityStream" rel="noreferrer noopener">bank</a>.
As part of this deal, Apollo will purchase senior secured financing facilities worth $8 billion from UBS and the bank will close out its Investment Management Agreement with Atlas.
The deal is part of UBS&#8217; strategy of winding down and simplifying its Non-Core and Legacy (NCL) portfolio while reducing risk-weighted assets and leverage ratio denominator in NCL.
UBS expects to recognize a net gain in the first quarter of 2024 of around $0.3 billion through these agreements and the assignment of the senior secured financing facilities.
However, Credit Suisse is expected to witness a net loss of around $0.9 billion from the agreements.
Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/02/36957012/credit-suisse-consolidation-weighs-on-ubs-stock-tanks-on-q4-performance" rel="noreferrer noopener">Credit Suisse Consolidation Weighs On UBS, Stock Tanks On Q4 Performance</a>
Sergio P. Ermotti, UBS CEO, said: &#8220;We&#8217;re pleased with this mutual agreement with Apollo. As we execute on our integration plans, this is another example of our relentless focus on working with clients and counterparties to free up capital from Non-Core activities and reducing costs and complexity.&#8221;
Marc Rowan, CEO of Apollo, said, &#8220;We are pleased to finalize the Atlas transition in partnership with UBS, in an economically neutral manner for our firm. This caps off a quarter marked by record origination and capital raising for Atlas, where we have generated USD 24 billion originations since inception and have secured capital to support over USD 40 billion of client assets.&#8221;
Price Action: UBS shares are up 0.47% at $31.30 on the last check Wednesday.
Photo via Shutterstock.

Large Cap

Asset Sales

Closing Chapter: UBS And Apollo Wrap Up Agreements, Marking Carve-Out Of Former Credit Suisse Business

UBS shares are trading higher after Morgan Stanley upgraded the stock from Equal-Weight to Overweight.

Morgan Stanley analyst Giulia Aurora Miotto upgrades UBS Gr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBS#NYSE">UBS</a>) from Equal-Weight to Overweight.

Upgrades

Morgan Stanley Upgrades UBS Gr to Overweight

Merrill, a division of Bank of America Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bac#NYSE">BAC</a>), and the brokerage arm of Wells Fargo &amp; Co. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/wac#NYSE">WAC</a>) have begun offering their wealth management clients <a href="https://www.benzinga.com/markets/cryptocurrency/24/02/37182406/bitcoin-etfs-keep-rolling-with-15-day-inflow-streak-blackrocks-ibit-scoops-up-330m-in-1-da">access to Bitcoin ETFs.</a>
What Happened: The Rollout Of Bitcoin ETFs
Quoting sources, Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-02-29/bofa-s-merrill-wells-fargo-offer-bitcoin-etf-products-for-clients?leadSource=uverify%20wall">reported&nbsp;</a>that these financial giants are extending these ETFs to select wealth management clientele who express interest in these offerings.
This development follows the Securities and Exchange Commission&#39;s <a href="https://www.benzinga.com/markets/cryptocurrency/24/01/36586034/crypto-leaders-react-to-historic-sec-bitcoin-etf-approval-huge-inflection-point-for-digita">approval of nearly a dozen Bitcoin ETFs</a> in January, a decision that led to a notable uptick in demand for these investment vehicles.
Despite the regulatory green light, the decision to list these volatile asset class products rests with the individual firms, with some still on the fence.
<h3>Why It Matters: The Financial Sector&#39;s Warm Embrace of Bitcoin</h3>
The inclusion of Bitcoin ETFs by Merrill and Wells Fargo marks a significant shift, with other major players like Charles Schwab Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/schw#NYSE">SCHW</a>)&nbsp;and Robinhood Markets Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/hood#NASDAQ">HOOD</a>)&nbsp;also joining the fray soon after the ETFs received regulatory approval.
UBS Group AG (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ubs#NYSE">UBS</a>) and potentially Morgan Stanley (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ms#NYSE">MS</a>)&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/02/37390822/bitcoin-etfs-skyrocket-with-record-inflows-morgan-stanley-considers-entry">are exploring similar offerings</a>, underscoring a broader industry trend towards embracing cryptocurrency as a legitimate asset class.
However, not all are convinced, with Vanguard Group Inc. expressing skepticism about the investment viability of cryptocurrencies.
Also Read:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/02/37395122/bitcoin-bear-peter-schiff-gets-roasted-at-what-point-do-you-admit-youve-been-wrong">Bitcoin Bear Peter Schiff Gets Roasted: &#39;At What Point Do You Admit You&#39;ve Been Wrong?&#39;</a>
<h3>What&rsquo;s Next/Price Action: The Future of Bitcoin in Mainstream Finance</h3>
As Bitcoin&#39;s value surges, hitting its highest price in over two years with a 40% increase this year alone, the success of these ETFs, which directly hold Bitcoin, is undeniable.
With initial offerings from financial behemoths like BlackRock Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/blk#NYSE">BLK</a>) and Fidelity Investments attracting approximately $7.4 billion in net inflows, the trajectory for Bitcoin and similar cryptocurrencies appears promising. Yet, the stance of some firms, like Vanguard, serves as a reminder of the ongoing debate regarding the speculative nature of cryptocurrencies.&nbsp; 
Price Action: At the time of publication, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) was up 0.4% in 24 hours at $61,386, according to&nbsp;Benzinga Pro.
Read Next:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/02/37380106/6-26m-and-rising-inside-donald-trumps-surging-crypto-portfolio">$6.26M And Rising: Inside Donald Trump&#39;s Surging Crypto Portfolio</a>
Image created using artificial intelligence with Midjourney.

HOOD

SCHW

Merrill And Wells Fargo Jump On Board: Bitcoin ETFs Reach Wall Street Elite

Ant Group Co has reportedly outbid Citadel Securities LLC for the acquisition of Credit Suisse&#8216;s investment bank venture in China. This unexpected development is expected to undergo strict regulatory scrutiny.
What Happened: Ant Group, a fintech giant backed by Jack Ma, has emerged as the top bidder for Credit Suisse&#8217;s China unit, Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-02-26/ant-outbids-citadel-securities-for-credit-suisse-s-china-unit?srnd=premium-asia">reported</a> on Sunday, citing sources familiar with the matter. The proposed acquisition, aimed at establishing a securities business using Credit Suisse&#8217;s operations, will face intense regulatory review due to China&#8217;s preference for a foreign buyer.
This preference poses a challenge for UBS Gr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBS#NYSE">UBS</a>), the current owner of Credit Suisse. UBS must now choose between Ant&#8217;s higher local bid and Citadel&#8217;s lower offer, which is more likely to secure government approval. Negotiations are ongoing, and additional bidders may still enter the competition.
UBS did not immediately respond to <a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga</a>'s request for comment. Ant Group declined to comment. 
UBS is facing challenges in attracting interest from global firms due to escalating geopolitical tensions, a crackdown on bank data flows, and a struggling economy. The bank is also dealing with a delicate situation as its Chinese partner, Founder Securities, may reject Citadel&#8217;s lower offer, thus delaying the sale process.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/02/37295108/a-shiba-inu-whale-just-bought-551-billion-shib-last-time-they-did-that-shib-pumped-1-100?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">A Shiba Inu Whale Just Bought 551 Billion SHIB: Last Time They Did That, SHIB Pumped 1,100%</a>
Why It Matters: This development comes at a time when UBS is navigating a complex integration process following its acquisition of Credit Suisse. Despite challenges, UBS has shown resilience, beating Q4 earnings estimates and <a href="https://www.benzinga.com/news/earnings/24/02/36948094/ubs-beats-q4-earnings-estimates-announces-1b-share-buyback-amid-credit-suisse-integration">announcing a $1 billion share buyback</a> in early February.
However, Credit Suisse, under UBS&#8217;s control, has faced its share of difficulties, including a loss of over $4 billion in Q2 2023 and a subsequent <a href="https://www.benzinga.com/news/earnings/24/02/36948094/ubs-beats-q4-earnings-estimates-announces-1b-share-buyback-amid-credit-suisse-integration">net loss of $279 million</a> for Q4. This latest development with Ant Group&#8217;s bid for Credit Suisse&#8217;s China unit adds another layer of complexity to UBS&#8217;s ongoing challenges.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/02/37278305/jim-cramer-reflects-on-nvidias-success-after-shares-hit-record-high-on-thursday-do-opposite-of-e?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Jim Cramer Reflects On Nvidia&#8217;s Success After Shares Hit Record High On Thursday: &#8216;Do Opposite Of Everything That Captures Conventional Wisdom&#8217;</a>
Credit Suisse Photo by Michael Derrer Fuchs on Shutterstock
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Jack Ma's Ant Group Beats Citadel In Bid For Credit Suisse's China Unit: Report

BRDG

CMTG

CURO

FTFT

Hannon Armstrong Sustainable Infrastructure Capital

HASI

MOGO

NTRS

RILY

TROW

VCTR

Shares of several companies in the broader financial sector are trading lower after January CPI data showed a greater-than-expected rise in inflation, which increased uncertainty surrounding future rate cuts.

At noon trading in New York, major equity indices on Wall Street remain directionless as traders evaluate the future course of monetary policy ahead of several speeches by Federal Reserve officials<a href="https://www.benzinga.com/federal-reserve"> in the days ahead</a>. 
The Nasdaq 100 was 0.6% lower, on track for a second negative session, as investors took some profit following the impressive surge in <a href="https://www.benzinga.com/topic/artificial-intelligence">artificial intelligence-related and semiconductor stocks. </a>
The iShares Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NASDAQ">SOXX</a>) is down nearly 2% on its worst-performing day since early January. 
Treasury yields slightly pulled back from the recent sharp surge observed over the past few days. As a response, bonds rose, with the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) up 0.9%. 
Chinese stocks made headlines as they rallied after Beijing pledged support from the <a href="https://www.benzinga.com/markets/asia/24/02/36953993/china-stocks-surge-after-beijing-announces-new-measures-xi-jinping-steps-in">government and agency officials.</a> The iShares China Large-Cap ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXI#NYSE">FXI</a>) rallied over 5% on its strongest day since July 2023. 
Concerns within the regional banking industry persist as a result of Secretary Janet Yellen&#8216;s remarks at Capitol Hill Tuesday, where she expressed apprehension about commercial real estate loans and the concentration of certain institutions. New York Community Bancorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NYCB#NYSE">NYCB</a>) experienced a sharp decline of 17%, hitting its lowest point since June 2024.
<h2 class="wp-block-heading">Tuesday's Performance In Major Indices, ETFs</h2>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices &amp; ETFs</td>
<td>Price</td>
<td>%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>1,944.63</td>
<td>0.4%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>38,428.27</td>
<td>0.1%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>4,941.75</td>
<td>0.0%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>17,513.72</td>
<td>-0.6%</td>
</tr>
</tbody>
</table>
</figure>
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) was flat at $492.58, the SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) rose 0.1% to $384.11 and the tech-heavy Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) fell 0.5% to $426.37, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>. 
Sector-wise, the Materials SPDR Select Sector Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>) outperformed, up 1.8%. The sector laggard was the Technology SPDR Select Sector Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>), down 0.7%. 
<h2 class="wp-block-heading">Tuesday&#8217;s Stock Movers</h2>
<ul>
<li>Palantir Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) rallied 27% after reporting better-than-expected results last quarter. </li>
<li>Other companies reacting to earnings were Eli Lilly Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LLY#NYSE">LLY</a>), down 0.7%, UBS Group AG (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBS#NYSE">UBS</a>), down 5.5%, Spotify Technology S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPOT#NYSE">SPOT</a>), up 4%, BP p.l.c. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BP#NYSE">BP</a>), up 5.9%, FMC Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FMC#NYSE">FMC</a>), down 11%, Coherent Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COHR#NYSE">COHR</a>), up 20%, GE Healthcare Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GEHC#NASDAQ">GEHC</a>), up 13% and Crown Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCK#NYSE">CCK</a>), down 14%. </li>
<li>Companies reporting after the close include: Snap Inc. (NASDAQ: SNAP, Amgen Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/amgn#NASDAQ">AMGN</a>), Gilead Sciences Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GILD#NASDAQ">GILD</a>), Chipotle Mexican Grill Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMG#NYSE">CMG</a>), Edwards Lifesciences Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EW#NYSE">EW</a>), Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) and Fortinet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) </li>
</ul>
Read now: <a href="https://www.benzinga.com/markets/cryptocurrency/24/02/36961269/yellen-expresses-concerns-over-commercial-real-estate-stablecoin-risks-praises-us-economic">Yellen Expresses Concerns Over Commercial Real Estate, Stablecoin Risks, Praises US Economic Strength: &#8216;Headed In Right Direction&#8217;</a>
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